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Ballard Spahr LLP

Utah federal court rejects constitutional challenge to CFPB’s funding mechanism

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A Utah federal district court has rejected the attempt of The Center for Excellence in Higher Education (CEHE) to invalidate a civil investigative demand (CID) issued by the CFPB based on a challenge to the constitutionality...more

Ballard Spahr LLP

Settlement discussions to continue in All American Check Cashing

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The magistrate judge assigned to hold a settlement conference in All American Check Cashing has issued an order stating that the matter did not settle at the settlement conference conducted on September 7.  The order also...more

Ballard Spahr LLP

CFPB and All American Check Cashing agree to settlement conference

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The CFPB and All American Check Cashing have filed a status report with the Mississippi federal district court indicating that they have agreed to a settlement conference before a magistrate judge....more

Ballard Spahr LLP

En Banc Fifth Circuit Rules CFPB Enforcement Action Can Proceed Against All American Check Cashing, but Concurring Opinion Creates...

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The en banc U.S. Court of Appeals for the Fifth Circuit has ruled that the CFPB’s enforcement action against All American Check Cashing can proceed despite the unconstitutionality of the CFPB’s...more

Allen Matkins

When A Director Is Unfit For Duty

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The California General Corporation Law includes two provisions providing relief when a director is incompetent and/or felonious.  Section 302 of the Corporations Code permits the board of directors to declare vacant the...more

Ballard Spahr LLP

RD Legal Funding asks SCOTUS to decide if CFPB can ratify pre-Seila Law actions

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RD Legal Funding has filed a petition for a writ of certiorari in the U.S. Supreme Court that asks the Court to decide whether the CFPB can ratify actions taken when it was unconstitutionally structured....more

Ballard Spahr LLP

Second Circuit sends CFPB ratification issue back to district court in RD Legal Funding

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Less than one month after hearing oral argument in RD Legal Funding, the U.S. Court of Appeals for the Second Circuit has issued a summary order affirming the district court’s holding that the Dodd-Frank Act’s...more

Ballard Spahr LLP

Second Circuit hears oral argument in RD Legal Funding

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Last week, the U.S. Court of Appeals for the Second Circuit heard oral argument in RD Legal Funding. The three judge panel consisted of two members of the Second Circuit, Judge Denny Chin and Senior Judge Barrington Parker,...more

Ballard Spahr LLP

CFPB files supplemental briefs in Seila Law and All American Check Cashing

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Last week, the CFPB filed its supplemental brief with the Ninth Circuit in Seila Law and its supplemental en banc brief with the Fifth Circuit in All American Check Cashing.  The CFPB argues in both briefs that ratification...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – July 2020

Welcome to Consumer Law Hinsights?a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition highlights our interactive COVID-19...more

Lathrop GPM

The CFPB’s Future After Seila Law LLC v. Consumer Financial Protection Bureau

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In the wake of the 2008 financial crisis, Congress created the Consumer Financial Protection Bureau, an independent agency dedicated to consumer protection in the financial sector. The CFPB’s jurisdiction includes banks,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2020

SBA Issues Instructions to Lenders on Submitting PPP Loan Forgiveness Applications The U.S. Small Business Administration (the “SBA”) has issued a procedural notice announcing that the SBA will begin accepting forgiveness...more

Hudson Cook, LLP

Supreme Court’s Seila Law Decision Brings Clarity to the CFPB (for Now)

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In June, the Supreme Court struck down the leadership structure of the CFPB as unconstitutional. (The case is Seila Law LLC v. CFPB, No. 19-7 (June 29, 2020), and the decision is here.) The case resolves a long-simmering...more

Bradley Arant Boult Cummings LLP

Small Dollar Rule Stay Requested to Be Lifted in Recent Joint Status Report

With the Supreme Court’s recent decision in Seila Law and Director Kathleen Kraninger’s ratification of the payment provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (the “Small Dollar...more

Ballard Spahr LLP

SCOTUS agrees to hear case on FHFA’s constitutionality with implications for CFPB’s pre-Seila Law actions

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On July 9, the U.S. Supreme Court granted the two petitions for certiorari in Collins v. Mnuchin, the en banc Fifth Circuit decision which held that the FHFA’s structure is unconstitutional because the Housing and Economic...more

Ballard Spahr LLP

CFPB files ratification with Fifth Circuit in All American Check Cashing

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This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing....more

Ballard Spahr LLP

Update on RD Legal Funding and All American Check Cashing

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With the U.S. Supreme Court having ruled in Seila Law that the CFPB’s leadership structure is unconstitutional, two circuit court cases involving the same constitutional challenge that were “on hold” pending the Supreme...more

Akerman LLP

Impact of Supreme Court's Decision in "Seila Law, LLC v. CFPB"

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On June 29, 2020, the Supreme Court resolved the ongoing dispute regarding the structure of the Consumer Financial Protection Bureau (CFPB) in Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. – (2020). In a 5-4...more

Brownstein Hyatt Farber Schreck

High Court’s Seila Law Decision Disappoints

On June 29, 2020, in Seila Law v. Consumer Financial Protection Bureau (CFPB), a divided Supreme Court held that the statute that created the CFPB is unconstitutional because it did not vest enough powers with elected...more

White & Case LLP

US Supreme Court Rules CFPB’s Leadership Structure is Unconstitutional but Leaves CFPB Intact

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On June 29, 2020, the Supreme Court of the United States ("Supreme Court") ruled that the single-director leadership structure of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") violates the separation of powers...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 3, July 2020

Welcome! Welcome to the new format of All Consuming . We listened to the feedback. A newsletter filled with long articles gives the detailed information some are looking for but becomes another thing that others have to...more

Ballard Spahr LLP

CFPB Ratifies Most Pre-Seila Law Regulatory Actions

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The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). ...more

Holland & Knight LLP

Supreme Court Saves CFPB, But Subjects Its Director to Removal at the Will of the President | Insights

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The U.S. Supreme Court on June 29, 2020, issued its decision in Seila Law v. CFPB, a case in which the petitioner challenged the constitutionality of the Consumer Financial Protection Bureau (CFPB). While the Supreme Court...more

A&O Shearman

Supreme Court Concludes That Dodd-Frank's "For Cause" CFPB Director Removal Provision Violates Separation Of Powers, But Finds...

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On June 29, 2020, the United States Supreme Court, in a 5-4 decision authored by Chief Justice Roberts, held that the structure of the Consumer Financial Protection Bureau (“CFPB”), which permitted the President to remove the...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

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In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

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